Ananda Development Public Company Limited, or ANAN, a leader in urban residential development and the top market player in condominium projects near BTS stations, has showcased remarkable operational success with significant growth. The company reported a net profit of 976 million baht, an increase of 593% compared to the same period last year and 67% from the previous quarter. Additionally, it achieved a record transfer sales of 11.837 billion baht, up 267% from the same period last year, exceeding the target by 33%.

          Mr. Chanont Ruangkritya, Chief Executive Officer and Managing Director of Ananda Development Public Company Limited, stated, "In Q3, the company achieved a net profit of 976 million baht, up 593% from the same period last year and 67% from the previous quarter. This increase was primarily due to the recognition of profits from joint venture projects amounting to 982 million baht, compared to a loss of 113 million baht during the same period last year. Furthermore, the company achieved a new high net profit margin of 36%, up from 5% in the same quarter last year, along with record transfer sales of 11.837 billion baht, which includes transfers from joint venture projects, marking a 267% increase from the same period last year and exceeding the target by 33%.

          In Q3, the company launched new projects valued at 8.807 billion baht, including 2 new condominium projects and 4 housing projects. These include the Ideo Ratchada-Sutthisan condominium project valued at 1.721 billion baht near the MRT Sutthisan station, the Elio Sathorn-Wutthakat condominium project valued at 3.403 billion baht near the BTS Wutthakat station, the single-house project Ari Rama 2 valued at 1.023 billion baht, the single-house project Ari Chaengwattana valued at 1.145 billion baht, the townhome project Unio Town Suanluang-Phatthanakan valued at 628 million baht, and the townhome project Unio Town Srinakarin-Bangna valued at 889 million baht.

          The company generated sales from new and previously launched projects totaling 8.182 billion baht, exceeding the target by 5%. The company aims for total sales of 35.120 billion baht for the year. As of the end of Q3 2018, the company has a backlog of over 49.400 billion baht, supporting transfers over the next 3 years.

          In October 2018, the company leased an additional plot of land in the Pattaya area for the development of a service apartment project. The company is currently developing 5 service apartment projects located in high-potential areas, with a total project value of over 12 billion baht, including projects on Rama 9 Road, Sathorn, Thonglor, Sukhumvit Soi 8, and Pattaya. Revenue from the service apartment business is expected to be recognized in 2020, aligning with the company's strategy to diversify its revenue sources and increase the proportion of recurring income.

          The company maintains strong profitability and has achieved transfer sales higher than the set targets, including the Ideo Sukhumvit 93 condominium project, which was completed and transferred sooner than expected in Q3, originally anticipated for Q4. The company aims for transfer sales to grow by 152% from 2017 to 38 billion baht in 2018. The company has a backlog of over 13.746 billion baht to be recognized in 2018, representing 88% of the transfer sales target for the final quarter of the year, which includes the transfer share of Ananda and Mitsui Fudosan from 10 condominium projects expected to be completed and start transferring in 2018, in addition to 8 new condominium projects completed in 2017.

          The company continues to uphold financial discipline and has successfully grown its business while maintaining a net debt-to-equity ratio of 0.91:1, which is below the company's long-term target of 1:1.

          "Additionally, the company's cash flow remains strong, with over 2.4 billion baht in cash at the end of the quarter. The company continues to receive strong and ongoing support from leading financial institutions and has various options for funding sources to meet its cash flow requirements throughout the year, which can be utilized as needed," Mr. Chanont added.

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